ATLANTA and IRVINE, Calif. – April 17, 2019 – Berkadia announced today the sale and financing for The Residences at Mountain Lake, a 284-unit garden-style multifamily property in Stone Mountain, Georgia. Senior Managing Directors Andrew Mays and Paul Vetter, Senior Director Judy MacManus and Director Matthew White of Berkadia’s Atlanta office completed the $21.9 million sale on behalf of the seller, Texas-based Napali Capital, LLC and the buyer, California-based Praxis Capital, Inc. The deal closed on April 9.
Managing Director Jackson Cloak of Berkadia’s Irvine, California office secured the $20.16 million financing through Bancorp Bank on behalf of the buyer. The adjustable bridge loan features a 5.61 percent interest rate and an 80 percent loan-to-cost.
“We believe this was a win-win transaction for both buyer and seller,” said MacManus. “The seller was able to exit giving a strong return to their investors while the buyer saw more opportunity in optimizing rents with the economic growth in the area.”
“Berkadia has a borrower with excellent experience, track record and presence in the market helping to secure and close a great debt execution,” said Cloak. “Praxis’s current portfolio and performance has them poised to become a real player in several southeastern markets.”
Located at 1401 North Hairston Road, The Residences at Mountain Lake features one-, two- and three-bedroom floor plans with a spacious average unit size of 1,144 square feet. Community amenities include a beautiful lakefront with fountains and picnic area, a clubhouse and a playground. New ownership plans to renovate and upgrade the amenities with a clubroom, state of the art fitness center and updated interiors. Residents are also afforded convenient access to Stone Mountain Park, the game-changing “Project Rocket” development and the Eagle Rock Studios.